Author: New England Home Mortgage

If you plan on staying in your home for an extended period of time, you may have thought about prepaying your mortgage. This means you make extra payments in order to pay off the loan before your term is up.

Author: New England Home Mortgage

The process of getting a loan and buying a home can be confusing and overwhelming, especially if you don’t know the mortgage jargon. Here are mortgage terms to know and understand to aid you in your home buying process.

Author: New England Home Mortgage

You are ready to buy a home and have been pre-approved for a mortgage. As you begin to look at houses in your price range, you think you have completed all you need to get a loan. But pre-approvals, especially in a competitive market, are not enough to show you are serious about buying. The next step is obtaining a mortgage commitment letter.

Author: New England Home Mortgage

Title insurance protects both the home buyer and lender. This is necessary if the seller does not have clear ownership of the property. The one time payment for title insurance insures that you have full ownership of the home after closing.

Author: New England Home Mortgage

A reverse mortgage is available to homeowners who are 62 years or older. A reverse mortgage allows homeowners to convert home equity to supplemental retirement income. Instead of paying a monthly mortgage, the lender makes payments to the borrower. This type of loan is paid off when the home is sold or is vacated.

Author: New England Home Mortgage

Many mortgage options are loans that conform to standards set by Fannie Mae and Freddie Mac. Because Fannie and Freddie buy mortgages from lenders, they set limits on the loan amount.

Author: New England Home Mortgage

Learn about what mortgage points are.

Author: New England Home Mortgage

Want to remodel your home? Read to find out if a rehab loan is right for you.

Author: New England Home Mortgage

Here's what you should consider before refinancing a mortgage.

Author: New England Home Mortgage

Fannie Mae and Freddie Mac are home mortgage loans with goverment backing.

Author: New England Home Mortgage

When searching for a home loan, there are many factors to take into account. One of those decisions is whether to go with a fixed rate mortgage or adjustable rate mortgage (ARM). These refer to the interest rates on the loan you take out.

Author: New England Home Mortgage

Closing costs are a variety of lender and third-party fees on top of the purchase price of the home. The down payment is usually the main concern for home buyers, but it is equally important to equate closing costs into your budget.

Author: New England Home Mortgage

Have you heard of the 20% rule? Traditionally, you needed 20% as a down payment when buying a home. With different mortgage options, you can now go as low as 3% down, or in some special cases, 0% when buying a home.

Author: New England Home Mortgage

A USDA home loan is a mortgage offered to rural property owners by the U.S. Department of Agriculture. USDA loans are typically fixed-rate and terms usually run from 10-30 years.

Author: New England Home Mortgage

A VA loan is a mortgage loan program established by the United States Department of Veterans Affairs to help veterans and their families obtain home financing. VA loans are provided by private lenders. This type of loan is typically fixed-rate and terms run from 10-30 years.